The first Pensions Bill dealing with the reforms set out in the May white paper has been published.
As expected the 73-page Bill includes changes to the state pension system, including the raising of the State Retirement Age (SRA) from 2024, and a reduction in the number of qualifying years needed to receive a full Basic State Pension (BSP) for both men and women. The Bill also confirms the abolition of contracting-out for defined contribution (DC) schemes, and the ability to convert rights to a Guaranteed Minimum Pension (GMP) into ordinary pension rights. It includes the proposed plans to simplify the State Second Pension (S2P), which will see the earnings related part of the S2P ...
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